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Wednesday, 28 January 15
MARKET INSIGHT - STELIOS KOLLINTZAS
 With most traders having returned to action from year end festivities, we have already seen signs of activity in the specialized product markets. Long-haul trades, - namely vegetable oil shipments from South America and the deep-sea MR market from Southeast Asia to Med/Continent - are increasingly active. On the other hand, the demand across the inter-regional palm oil trade lanes has weakened.
The slow pace of enquiry to India and China for palm oils during the year end, has remained evident in the first days of 2015. A small number of car-goes in January and sporadic cargo enquiries already quoted for February, have resulted in increased availability of prompt tonnage and lower freight rates. The rates for Straits/WCI bss 10-12k shipments are between 29-31 US$/pmt and 27-29 US$/pmt bss 10-12k shipments to ECI.
Analysts say that recent major floods in high-producing palm oil areas of Malaysia, the world’s second-largest grower, will take a toll on the country’s outputs and they are likely to fall further. As such, and in view of increased exports due to the upcoming Chinese New Year festivities, we expect the market to experience some activity with a positive effect on freight rates.
While many traders expected hire-rates for long-haul MR trips to fall at the start of the year, the market has proved them wrong. The continuous delays in both new-building scheduled deliveries and ships discharging soft oils in India are the main factors that keep hire rate levels around 20,000-22,000 pd; with the higher rates being attributed to the ‘’ECO-MRs’’.
It is true however, that with a 40-50% drop on bunker prices over the last months, the operational cost advantage is not so evident for the latter, as charterers might end-up with a cheaper solution when taking a ‘’normal MR’’ at a lower hire rate. Finally 33-40,000 shipments to Continent are still earning around low 60 US$/pmt and 55 US$/pmt on voyage bss.
Overall, there has been a fair amount of activity out of South America for soya been oil exports during the start of the year. The driving forces behind this demand have been India and Europe while China has been almost obsolete. While the Atlantic CPP market is slightly cooling off, but still at healthy rates, there might be other ships apart from the non-CPP players and the older candidates, that would look at veg oil out of South America. As such, this might give charterers, the opportunity to push rates back.
The situation ex - Black Sea is similar. While the cross-Med CPP market has slightly softened, it is still far from poor and leaves owners with better earnings than a veg oil voyage. Despite increased activity towards all destinations, Westbound cargoes are preferable especially to ice-class candidates, as the ice-season has arrived; unless you are an Owner with older tonnage or have contractual commitments in the East. In any case, it seems that charterers will not get a very competitive rate, for either taking a higher-spec vessel West or taking a dedicated CPP trader East.
On a last note, it is certain that the continuous drop of bunker and crude oil prices will have a great impact on the shipping markets during 2015 as well. But to what extend this trend will continue translating into higher freight rates, is probably the right question to ask.
By: Stelios Kollintzas
Specialized Products Desk
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 02 February 15
INDONESIA'S ADARO ENERGY PRODUCED 56.21 MILLION TONNES OF COAL IN 2014; UP 8% Y-O-Y
COALspot.com: PT. Adaro Energy, Indonesia’s largest coal producer, has increased coal production by 8% to 56.21 million tonnes (Mt) from both ...
Monday, 02 February 15
API 8 CFR SOUTH CHINA COAL SWAP PICKS UP W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.81 (-1.36%) per MT month over month and gained US$ 0.18&nb ...
Monday, 02 February 15
SOUTH KOREA'S KOMIPO INVITES BIDS FOR 280K MT OF SUB-BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 280,000 MT of Sub-bituminous coal coa ...
Sunday, 01 February 15
INDONESIA-TO-INDIA COAL FREIGHT RATES REMAIN WEAK NEXT WEEK
COALspot.com: The BDI continued its fall reached lowest levels since 1986 this week.
The BDI declined 15.55 pct to 608 points on Friday 30, Ja ...
Friday, 30 January 15
CONTANGO AND TANKERS - SKULD
KNOWLEDGE TO ELEVATE
Like an invitation to a dance, the word contango may have some people flustered, but for tanker owners this market phenome ...
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- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- The University of Queensland
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
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